Citifinancial

[Rozi]

Does anyone have any experience with Citifinancial when you are trying to surrender a car? How long does it usually take and do they try and talk you our of surrendering?

[redquartz]

I don't have any experience with Citifinancial, BUT....we are going thru trying to surrender our vehicle, and the bank (Brookline Bank) are harrassing us unbelievablely!!! They call every day and try to get my husband to change his mind. The guy is very rude and demanding when it comes to answers. They even call him at work. My advise to you is to stand your ground, don't tell them anything other than come and get the car.....give them your lawyers name and phone number if they get too demanding and tell them to call him!

[psquared]

I currently have a vehicle financed (I use the term loosely) through Citi Financial Auto. I called Citi Financial a couple of days after I filed and they said they just needed to get some info and they would get it picked up. Never heard from them. I filed for CH 7 on March 31 and had my 341 on May 3rd. I called Citi Financial again on May 10th or so and asked them to come pick up the vehicle. They said they had to petition the court for the motion of stay. They petitioned and it was granted in mid June. I was discharged July 6 and received a letter on July 6 saying that I had until the 15th to pay the deficiency or my vehicle might be repossessed. I called them again and told them not to worry waiting because I had returned the tags and canceled the insurance. They said they had to wait till after the 15th and it would then take a few weeks to pick up the vehicle. It almost seems to me that they don't want it. And I don't want it.

What do I do with it??

But in all it has been sitting in my yard for about 4 months now and no luck in having them pick it up.

[justbroke]

Sad thing is that you can't really force any creditor to repossess or foreclose on a property that you had a loan on. There's really nothing to do, unless this drags on for months. If it does, then you could re-open your case and file a motion to compel abandonment or something... to force them to give up the rights to the vehicle. It's still not a guarantee, but most of them (like Citi Financial) don't really have no clue on what they should be doing. They'd rather just be paid.

[psquared]

Sad thing is that you can't really force any creditor to repossess or foreclose on a property that you had a loan on. There's really nothing to do, unless this drags on for months. If it does, then you could re-open your case and file a motion to compel abandonment or something... to force them to give up the rights to the vehicle. It's still not a guarantee, but most of them (like Citi Financial) don't really have no clue on what they should be doing. They'd rather just be paid.

Any ideas where I could get more info on this? All the research I have seen is to compel the trustee to abandon property. I can't seem to find anything on forcing a creditor to pick it up or abandon it.

Thank you.

[justbroke]

Any ideas where I could get more info on this? All the research I have seen is to compel the trustee to abandon property. I can't seem to find anything on forcing a creditor to pick it up or abandon it.

You can't force them, unless they are trying to get you to pay. There's a case with Ford Motor Credit where after the discharge, the debtors couldn't get FMC to take the car. Instead Ford said they'd release the lien if they paid off the "discharged" balance. The debtors went back to court on a violation of the discharge injunction, claiming that FMC was attempting to collect the debt because they wouldn't take the car unless the debt was paid.

It takes a skilled attorney to get it to work. You actually need to have the creditor attempt to collect the debt from you.

I think in your specific case, you just need to wait longer. I don't read where they were tying to get you to pay.

[psquared]

The letter I got from Citi says that it is to inform me that there is a payment default of $xxxx and the cure date is July 15, 2010. Then it goes to say that "If we do not receive the DEFAULT AMOUNT by the CURE DATE, Citifinancial Auto will have no alternative but to repossess the collateral."

edit: Then it says, To the extent that CitiFinancial has allowed deviation from the contract pursuant to the Bankruptcy code, Citi hereby demands strict compliance with the contract.

This sounds like a collection letter but I am not sure.

I can upload it if need be. Just let me know.
Thank you.

[justbroke]

You should take it to your attorney. It reads as though they are coercing you into paying the note.

[psquared]

Citi Financial finally picked up the truck on 7/26/2010. In total, it took them over 4 months from initial contact with them to pick up the vehicle. Even though they filed to lift the stay, their rep told me that they don't repo until after the discharge. And he said that even after the discharge they give about 15 days to give you the option of re-affirming the debt.

I hope this helps some and I want to thank those that have been here throughout the process. There should be a section called THANK YOU.

[Rozi]

Thank you so much for your response!! I haven't filed bankruptcy yet but I am about to miss my first car note payment. Did they try and settle with you and make a deal with you to keep the car?

[psquared]

Welcome. No, they would not even discuss it with me. First they gave me the run around until they where ready to pick it up and then I asked about the sale and they said they would rather send it to auction than negotiate unless it was for the full amount owed.

[Rozi]

Wow they are heartlest just like I assumed... I thought they would have offered the hardship program or whatever they have.... I guess I need to find another car this weekend...

[psquared]

Heartless.... Nah, not Citi. I actually spoke to Citi last year before I even planned on BK and asked them to work with me. Even back then they had no interest and wouldn't lower my payment even for a few months.

[Rozi]

You are kidding me?? Why would they want to repo a car if you are willing to pay for it but at a lower cost. Does anyone know about the hardship program they have?

[justbroke]

You are kidding me?? Why would they want to repo a car if you are willing to pay for it but at a lower cost.

Letting it go to auction is the best way for them to get the price that the market will bare! Simple as that. There are a bunch of Trustees in the Southern and Middle District of Florida who do the same thing. They won't allow you to negotiate the price with them. They prefer that it just goes to auction and you can pay "market" value at the auction.